I was having the same problem, even though I just bought a new computer. I had a look at solutions on google and found two things that helped to speed it up. Firstly, you need to quit out of iTunes, then hold down ctrl and shift when you open itunes. This opens it in safe mode and for some reason makes it quicker. Also, if you go into edit > preferences > import settings > and then drop down the box that says import using > and select mp3. I hope this helps to speed up the process, but it will still take a while because all of the sound and information has to be copied from the cd to itunes, and it also saves a backup in my music. So it will still take a while, but these two things should speed it up some :)
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